Berkshire says Sokol deceived, broke law (Reuters)

(Reuters) - The U.S. securities regulator has decided not to take action against David Sokol, once considered a possible candidate for the top job at Warren Buffett's Berkshire Hathaway Inc, Sokol's lawyer told Reuters.

He’ll be a hard act to follow, that’s for sure.

The Wall Street Journal's Sharon Ng and Jean Eaglesham have an exclusive with David Sokol that's giving us chills.

WILMINGTON, Delaware (Reuters) - Berkshire Hathaway won dismissal on Monday of a shareholder lawsuit that stemmed from allegations former executive David Sokol profited by violating the company's insider trading policy. Shareholders sued the conglomerate's board for refusing to take legal action against Sokol, a former heir apparent at Berkshire. Sokol resigned last year after disclosing he bought 96,000 shares of Lubrizol Corp and then urged Berkshire Chief Executive Warren Buffett to acquire the chemical company. ...

David Sokol, the former heir-apparent to investment star Warren Buffett, broke company insider trading rules when he bought shares ahead of a Berkshire Hathaway acquisition, the company said on Wednesday.Sokol, who resigned as one of Berkshire's top executives in March after a scandal broke over his private investments, "violated company policies" and "violated the duty of candor" he owed the company, an audit committee report said.It said the company might still sue over any damages it perceives from the case, including going after Sokol's trading profits.